Tesla Update: Still Expect Slight Raise

20 Sep 2023

Tomorrow, I expect we open slightly down to make a more complete b wave. Afterwards we rally quickly to the target box I have for 2. This would complete wave 2 of 1 of (C) of (2). Below is a smaller 15min timeframe showing what would be ideal for tomorrow.


I don't have much time to go into details tonight, but you saw through my updates today, I stopped out of my spec long position. I didn't expect to make much off of it as it was only taken from a risk management side. If we move according to my above statement, then I will take another long at the bottom of that B for a potential $5ish/share scalp. I'm not the biggest fan of trading against the trend though, and at this time the trend is down IMO.

Once we hit that box for 2 and start to decline, I will throw some updated fibs on for our next target lower. That should be in the low $250's at least but we can't know until this wave 2 finishes...if that is what it is. Don't forget this could still be the potential start to a new bull run. I find it unlikely at this time...but it is still a possibility as we have not breached any key levels to the downside yet. I want to see us breach the low $240's very soon.

As you see on the big chart, price we made a high on the 1HR on neg divergence. This should be a big signal we are headed lower. For now though, we continue to wait and be patient.

Bonam Fortunam,
--Tyler

20 Sep 2023

Nota

We hit the bottom of my box but wouldn't be surprised if we get another high before we fall again.

20 Sep 2023

Nota

This is a good start to the downside. Still no pos div forming yet so this will continue down until it does. I will most likely buy some puts on the retrace if this is indeed an impulsive structure to the downside.